Dangote, BUA, Lafarge Agree To Slash Cement Prices, Give Conditions
Cement manufacturers have reached an agreement to reduce the price of the product from N10,000 to a range between N7,000 and N8,000 per 50kg, subject to certain conditions set by the Federal Government.
This decision was made during a meeting chaired by the Minister of Works, Engr David Umahi.
Umahi had called for a meeting with cement manufacturers in Abuja due to the skyrocketing prices, reaching as high as N15,000 in certain areas.
Following the meeting, which was also attended by Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, Umahi highlighted bad road conditions, high energy expenses, and the Forex crisis as key factors contributing to the price hike.
“The cement manufacturer has noted to the government that the present high cost of cement in the market is very much abnormal in some locations nationwide. Ideally, they noted that cement price, and retail price to a consumer should not cost more than between N7,000 to N8,000 per 50 kg bag of cement,” the minister noted.
He added: “Therefore, the government and the cement manufacturers, which are Dangote Plc, BUA Plc and Lafarge Plc have agreed to have their cement price nationwide between N7,000 to N8,000 naira per 50 kg pack of cement, depending on the locations, which means that this price depends on the locations.”
